HONG KONG Jan 13 China shares underperformed
most of Asia on Monday, taking no cheer from the postponement of
five new listings, while property developers slid on signs that
Beijing is stepping up preparations for a nation-wide expansion
of a property tax trial.
Local media reported the land ministry plans to form an
inter-ministerial real estate registry, seen as a precursor to
any country-wide expansion of property taxes, which have been on
trial in Shanghai and Chongqing since 2011.
Mainland markets also failed to take any cheer from a
postponement of another five planned initial public offerings
after the securities regulator said on Sunday it would step up
supervision of new listings.
The CSI300 of the largest Shanghai and Shenzhen
A-share listings ended down 0.5 percent at 2,193.7 points, its
lowest closing level since end-July. The Shanghai Composite
Index slipped 0.2 percent in lacklustre volume.
The ChiNext Composite Index of mainly startups
in technology and other nascent industries listed in Shenzhen
outperformed, rising 0.7 percent.
Local media also reported that the Ministry of Land and
Resources announced at its annual work meeting last Friday that
new land supply in cities with populations exceeding 5 million
will focus on housing.
(Reporting by Clement Tan; Editing by Kim Coghill)